经典题R21 15.6题

- 亲原理是基于对可持续盈利的长期预测 "stable dividend policy base dividends on a long-term forecast of sustainable earnings"。所以有两种情况

1）
- 可持续盈利长期预测是 g 保持低速稳定的状态，那么股息也保持和盈利相同的低速稳定增长
- 参考经典题 15.1
- "if the long-term fore-cast for sustainable earnings is slow growth, the dividends would be expected to grow slowly over time, more or less independent of cyclical upward or downward spikes in earnings."

2)
- 当未来盈利增长为零时，股息保持恒定
- 参考经典题 15.4，15.6
- "If sustainable earnings were not expected to grow over time, however, the corresponding dividends would be level (i.e., not growing)."

指分红本身稳定，就是Dividend数字都是差不多的